INVESTMENT ANALYSIS FOR TRANS SUMATERA TOLL ROAD, BETUNGTEMPINO-JAMBI TOLL ROAD SECTION

• Main Author: Pramana, Heru
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/64332
• Institution: Institut Teknologi Bandung

Through Presidential Regulation (Perpres) Number 117 of 2015, concerning "Amendments to Presidential Regulation Number 100 of 2014 concerning Acceleration of Toll Road Development in Sumatra", the Government assigned PT Hutama Karya (Persero) - "HK" to carry out the construction of the Trans Sumatra Toll Road (TSTR). Building a TSTR with a low feasibility level will have a negative impact on the company's performance, both short-term and long-term performance. Therefore, HK is required to make improvements to business processes, planning and funding. One of the efforts is to plan well before the project starts, including conducting an economic and financial feasibility analysis on the toll road sections to be built. The construction of the Betung-Tempino-Jambi toll road will be accelerated in 2022, because this segment is a backbone segment. Prior to construction, it is necessary to conduct an economic and financial feasibility analysis to provide an overview to the stakeholders regarding the feasibility level of the project. In the economic feasibility analysis, the investment costs and the benefits to be obtained are analyzed, while in the financial feasibility analysis the investment costs and financial feasibility are calculated. From the results of the economic feasibility analysis, there is a positive difference in savings, where the total toll road construction costs are Rp. 27.85 T, which consists of investment costs of Rp. 22.36 T and O&M costs of Rp. 5.51 T. Vehicle Operating Cost Savings (VOCS) is of Rp. 39,52 T, so the difference in operating cost savings is Rp 11.65 T. The travel time savings from Betung to Jambi is 2,110 hours/year or 54.08% faster after the construction of the toll road. This positive value indicates that the construction of the Betung-Tempino-Jambi Toll Road is economically feasible. The results of the financial feasibility analysis obtained IRR of 8.89% < 12.34% (WACC), NPV (Rp 11.76) Trillion (negative) and PBP 19.99 Years from a concession period of 40 years. From the results of the financial feasibility analysis, this project is not feasible to build. Although the Betung-Tempino-Jambi Toll Road is economically viable but not financially viable, it is better if this toll road is still built, because it is one of the backbone toll roads in TSTR. Government support for this project can be in the form of accelerating land acquisition, construction support and financial close so that the construction process can be carried out properly.